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Constitution of a company – corporate and tax issues
1) To obtain the Foreigner Identification Number (NIE).
- Company name
- Company purpose
- Number of shares
- Share capital
- Registered office of the company
- Sole manager
- Joint managers
- Separate managers
- Board of directors
5) Certified of Bank Entity (3.000.-€ minimum share capital)
6) Public deed before notary including all the previous documents.
- Corporate tax:
- The general CIT rate in Spain is 25%. Newly created companies are taxed at a 15% tax rate for both the first tax period in which they obtain a profit and the following tax period.
- This tax form is filed on an annual basis each 25th of July in relation to the last tax year.
- The general VAT rate in Spain is 21% (it is determined from the difference between the VAT from the sales and the VAT from the purchases).
- This tax form is filed on a quarterly basis.
- This tax is exempt during the first 2 years from the initial of activity and it is paid once the company arrives at a total income of 1 million Euros
- Social security:
- The company should pay a fixed quote for each manager (tax resident in Spain) of 315 Euros on a monthly basis.
- The company should pay for each employee (not manager) 32% of their gross salary (approximately).